Regarding the SECās most recent court action, Ripple has responded. This makes the legal argument even bigger, and many people who care about crypto are watching closely.
Judge Torresās decision on August 7, 2024, that when Ripple sold XRP to anyone who wanted to buy it, those sales werenāt securities. The SEC is working to have this ruling overturned since they didnāt like it. At this point, Ripple is resisting the SECās attempt to sway the judgeās opinion.
On October 10, 2024, court documents attested to Rippleās cross-appeal. As per the statement provided by Stuart Alderoty, the lead attorney for Ripple, the cross-appeal tackles significant points about the characteristics of āinvestment contractsā and the rights commonly linked to them.Ā
Ripple aims to make it clear that XRP transactions devoid of the fundamental rights and responsibilities included in formal agreements should not be categorized as investment contracts.
In a series of tweets, Alderoty highlighted the SECās appeal and its basis. He stated that the SECās decision to appeal stems from their loss on crucial points. Rippleās legal team believes this cross-appeal is necessary to leave no part of their defense unaddressed.
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Show more +SECās Appeal Not Focused on XRPās Security Status
The SEC is not contesting the decision that XRP is not a security, which is another important issue brought out by Alderoty. XRP does not fit the requirements to be categorized as a security, as the SEC had previously admitted.Ā
The SEC even apologized for implying that tokens like XRP would be regarded as securities in a different case. This rulingās aspect is considered settled law and will not be appealed further.
Ripple is relieved to receive this affirmation, which guarantees that XRPās status wonāt alter no matter what happens in the remaining aspects of the legal dispute.
Previous Legal Challenges and Rippleās Confidence
Alderoty also pointed out that the SEC had previously attempted to appeal similar rulings regarding XRP sales and distributions. The SEC argued that certain transactions, including those made to Ripple employees and developers, could be classified as securities. These appeals, however, were not successful, and Ripple anticipates more of the same going forward.
If the SEC keeps contesting these elements of the case, Rippleās legal team is certain that they will lose again.
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What Lies Ahead for Ripple and the SEC
The matter will now be heard by the United States Court of Appeals, which will also consider Rippleās cross-appeal. In his tweets as Rippleās attorney, Alderoty conveyed hope, saying that Ripple anticipates the courtās ruling.Ā
With this action, he said, SEC Chair Gary Genslerās āmisguidedā approach to the cryptocurrency industry might come to an end.
As Ripple continues to defend its position in court, the next chapter of this legal war will concentrate on settling these unresolved concerns. An important turning point in the history of XRP and its classification is something that both Ripple and the SEC are getting ready for.
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